Bloomberg Surveillance Markets Carry on Amid Global Political Turmoil
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Oct 6, 2025 Jordan Rochester, Head of FICC Strategy EMEA at Mizuho, dives into the market impacts of political shifts in Japan and France. He predicts that a potential premiership from Sanae Takaichi could strengthen the yen while discussing the bond market's response to foreign demand. Curtis Sliwa, the Republican mayoral candidate in NYC, opens up about his grassroots campaign strategies and fiscal priorities, emphasizing his outreach to minority communities and plans to address city safety and homelessness.
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Earnings And Rates Fuel Equities
- Steve Chiavarone says earnings estimates are too low and still rising, which is pushing equities higher.
- He links falling rates plus accelerating earnings to continued equity gains.
Prepare For Gradual Fed Moves
- Chiavarone expects the Fed to resume a slow path to neutral with a sequence of 25bp moves.
- Position portfolios for gradual rate cuts: October, December and several 25bp moves next year.
Market Broadened Beyond Mega-Caps
- Small caps and early cyclicals have begun to outperform, reducing concentration risk.
- Steve views market action as early-cycle with beaten-up cyclicals getting traction.